BankPurely Review 2021

Published January 2021 by Lance Davis

AT A GLANCE
4.4

Bankrate Score

bank-logo

High APYs

BankPurely is great for people who want their bank to support environmental issues while having access to a range of deposit products.

  • CDs
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    4.4
  • Savings
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    3.9
  • Checking
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    4.5
  • MMAs
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    4.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    4.4

    Bankrate Score

    BankPurely is a financial institution created for environmentally conscious consumers.

    What we like

    • BankPurely provides an eco-friendly banking option for environmentally conscious consumers.

    • All deposit products pay APYs above the national average or better.

    • Account holders have free access to thousands of ATMs.

    What we don't

    • Only one CD term is offered.

    • A steep $25,000 deposit is needed to open the money market account and earn interest.

    CD rates

    4.4

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    BankPurely offers what it calls PurelyCDs. The bank offers a 12-month CD that pays an APY among the best in the nation. It only requires a $1,000 minimum deposit to open.

    Savers looking for a range of CD terms or a specialty CD will have to look elsewhere.

    What we like

    • BankPurely’s 12-month CD pays one of the best APYs nationwide.

    • It requires only $1,000 to open.

    What we don't

    • Only one standard term is offered.

    • The bank doesn’t offer any specialty CDs.

    Savings accounts

    3.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    BankPurely offers its SavingsPurely savings account. It pays a decent APY that’s above the national average, though consumers searching for the most competitive yields can find higher ones elsewhere. The account requires only $100 to open, and it doesn’t charge a monthly fee.

    What we like

    • BankPurely’s savings account requires only $100 to open.

    • There’s no monthly service fee.

    What we don't

    • While the APY is above the national average, you can find higher yields elsewhere.

    Checking accounts

    4.5

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    A $100 deposit is required to open BankPurely’s checking account, called Checking Purely. The account pays a strong APY for a checking account and doesn’t charge a monthly fee. Account holders get a free Mastercard BankPurely debit card and free access to more than 55,000 Allpoint ATMs.

    BankPurely doesn’t offer access to a peer-to-peer payments service such as Zelle.

    What we like

    • The Checking Purely account doesn’t charge a monthly fee.

    • It pays a strong APY for a checking account.

    • Account holders have free access to thousands of ATMs.

    What we don't

    • The bank doesn’t offer access to a P2P payments service.

    Money market accounts

    4.4

    Bankrate Score

    BankPurely’s PurelyMoneyMarket pays a very competitive APY. There’s no monthly service fee, but account holders need to deposit at least $25,000 to open and earn interest.

    The account doesn’t come with check-writing privileges. It does, however, come with a complimentary ATM card.

    What we like

    • The PurelyMoneyMarket account offers a very strong APY.

    • There’s no monthly service fee.

    • Account holders can get a free ATM card.

    What we don't

    • There’s a steep $25,000 deposit needed to open and earn interest.

    Bank experience

    BankPurely says it’s a “purely digital experience, specifically crafted for people banking on a better world.” The bank offers tools and features to help support its eco-friendly mission. This includes online banking as well as a mobile app for iOS and Android devices. Customers can deposit checks through the app.

    Customer service representatives are available seven days a week from 7 a.m. to 11 p.m. Eastern.

    About BankPurely

    BankPurely, a division of Flushing Bank, is a financial institution created for environmentally conscious consumers. The bank has no branches, helping to reduce its carbon footprint, and uses paperless bill pay and e-statements. BankPurely even says it will plant a tree for every account opened.

    BankPurely offers a range of deposit products that pay competitive APYs — or better — and charge no fees.

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis is the senior editorial director for Bankrate, overseeing content for mortgages, deposits, investing, loans and insurance. Lance leads a team of more than 20 editors and reporters who are passionate about creating content that helps readers make smarter financial decisions. Lance started at Bankrate as a copy editor in 2013, where he learned the finer points of personal finance while reading almost every article before it was published. In this role, Lance saw how small moves today can have a big impact on your financial future. He developed a passion for sharing these lessons to help others budget their money, buy a house, save for retirement and more. Lance also gets involved with fun projects like hosting Bankrate’s webinars with Greg McBride and publishing the annual Best Banks list, which has been cited by MSN, Fox Business, The Points Guy, among others. When he’s not reading Bankrate articles or playing around on the retirement calculator, Lance enjoys following sports, going on runs and reading books. He dreams of being able to retire early and buy a home on a beach where the temperature rarely falls south of 60. Lance earned his bachelor’s degree in journalism from Auburn University in 2013. Have feedback or suggestions for the editorial team? Send Lance an email at lance.davis@bankrate.com.